HEAT oil in large skillet on medium-high heat. Add onions and red peppers; cook and stir 5 min. or until crisp-tender. Reduce heat to medium.
STIR in corn and Velveeta. Cook 5 to 7 min. or until Velveeta is completely melted and mixture is heated through, stirring occasionally.
SPOON corn mixture into serving bowl; sprinkle with the crushed chips and cilantro.